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Carmelo — Tue, 21 Jul 2009 20:08:25 +0000

First-Time Buyers: Hurry for $8,000 Tax Credit
It’s time to remind first-time home buyers that in order to qualify for the government’s $8,000 gift in the form of a tax credit, the deal must close by Dec. 1.

Buyers should have a purchase contract signed by early October, so they have 45 to 60 days to arrange financing and safely close the deal.

“There’s not as much sand in the hourglass as we may think,” said Jim Merrion, regional director at RE/MAX Northern Illinois.

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Bergen County Foreclosure Trends

Carmelo — Tue, 21 Jul 2009 17:01:12 +0000

Bergen County Foreclosure Trends – April 2009

Posted by PAULA CLARK @ 6:29 am, May 31st, 2009

Bergen County foreclosure homes have remained relatively steady in 2009 after a spike in October 2008 with 398 new foreclosure filings in April compared to 925 filings last October, according to RealtyTrac.com.

Bergen County Foreclosure Activity and Home Price Index

Bergen County foreclosure activity is based on the total number of properties that receive foreclosure filings – default notice, foreclosure auction notice or repossession notice – each month. Home price appreciation is based on month-over-month percentage change of the Home Price Index. The Home Price Index is calculated from home sales records.

Bergen County Foreclosure Geographical Comparison

The Bergen County foreclosure rate is .03% below the state of New Jersey and .16% below national statistics.

Are you or someone you know behind on your mortgage payments and facing a Bergen County foreclosure? You do have options. A short sale may be the answer to saving you, your family and your home. Give me a call for a private consultation.

After all, the process of selling a home is always complex. For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com or www.SellWithMelNJ.com

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visit my Youtube Channel

Carmelo — Thu, 09 Jul 2009 21:06:40 +0000

www.YouTube.com/OurNJhouse

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Home Inspections

Carmelo — Wed, 01 Jul 2009 02:50:27 +0000

An investment of any size should always be supported by an inspection, and nowhere is this more true than in real estate. Yet many of my first-time buyers are so eager to get into their property that they overlook this crucial step.

For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

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Latest News Letter for Paramus, River Edge, Oradell, Emerson and Fairlawn NJ Real Estate Market Conditions

Carmelo — Sat, 20 Jun 2009 23:05:20 +0000

http://realtytimes.com/c/CarmeloOliveri

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NAR Report Pending Homes Sales are Up!!!!!

Carmelo — Fri, 05 Jun 2009 19:10:53 +0000

Pending Home Sales Up for Third Consecutive Month

Record low mortgage interest rates boosted the NATIONAL ASSOCIATION OF REALTORS^®‘ (NAR) forward-looking pending home sales index 6.7 percent in April to 90.3 from a reading of 84.6 in March. The April 2009 reading is 3.2 percent above April 2008. “Housing affordability conditions have been at historic highs, but now the $8,000 first-time buyer tax credit is beginning to impact the market, too,” says NAR Chief Economist Lawrence Yun. The index in the Northeast shot up 32.6 percent from March to 78.9 in April.For more information, read NAR’s press release or watch a video interview of Lawrence Yun on the latest index figures.

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Carmelo — Mon, 01 Jun 2009 01:48:21 +0000

Rates are up 0.25%+ So much for my comment of last week about flat trend lines! Read more. /// Rates may be higher now but still very good. Particulary first time home buyers should not delay. /// Refinances that like to wait for the better rate should get fully approved and try a short lock on rate dip and close within the week. /// Minimum Fico for FHA is now 560. /// Stated income loans still available for homes and investments: 70%ltv max. /// Have a good week folks!
For assistance is selling your home in Bergen County, River Edge NJ, Oradell NJ, Paramus NJ, Emerson NJ, Fairlawn NJ. Contact Carmelo Oliveri, Coldwell Banker Realtor at (201) 618-2854. Visit our web site at www.OurNJhouse.com or www.OurBergenCountyHouse.com

Tax credit loans for closing costs (but why bother)
Short-term loans to enable buyers to use their homebuyer tax credit benefits upfront, but the loans can’t cover the 3.5 percent minimum downpayment. Read more. But why bother? It is one more complication and using a seller concession will acomplish the same thing. And once the tax credit comes in, it does not need to be used to repay a loan. Remember, you must CLOSE by December 1 to be eligible for the tax credit. For details go here.

Construction and rehab loans readily available.
We have construction and rehab loans for residential (up to 4-unit properties) – investment and owner occupied. The lending value is based on the purchase price plus cost to complete, plus equity upon completion (in some cases). Presenting a rehab plan is a great way to enhance a rehab/teardown listing – and for buyers to create a dreamhome and significant equity. The timing is right. Call to discuss.

Is a commercial real estate bust inevitable?
Bailout watchdogs have something new to growl about: the lack of financing in the commercial real estate markets. Read more.

Rates up 0.25%+
For the week ending May 28th the 30-year fixed averaged 4.91% with an average 0.7% fees and points, up from last week when it averaged 4.82%, and increased again thereafter. This time last year it averaged 6.08%. “Fixed-rate mortgage rates followed long-term bond yields higher this week as financial markets try to discern the state of the economy,” said Frank Nothaft, Freddie Mac vice president and chief economist. “Consumer confidence rose again in May and represented the largest two-month rally since records began in 1967. Freddie Mac rate surveys.

Down Payment Assistance programs on their way back?
Congress is currently considering H.R. 600, bipartisan legislation that would make DPA an allowable gift source for FHA loans. Read more.

Available
- Same day loan decision (no ifs or buts)
- 30-day closes
- Condo (conversion) financing services. Information

- FHA loans down to 560 Fico

- 50-70% LTV stated income loans (600-700 Fico)

- 95% LTV Fannie Mae condo loans

- Loans for non-residents

- Rehab and construction loans

- Jumbo loans at near conforming rates

- Commercial loans

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Home Buyers FAQ’s, Bergen County Real Estate

Carmelo — Fri, 29 May 2009 17:13:30 +0000

Mortgage News
Home Buyer’s Down Payment FAQs

With today’s combination of lower home prices, some of the lowest interest rates the industry has ever offered, and the $8000 tax incentive for first-time buyers, buying a home has never been so attractive. The only real hurdle left for many Americans is coming up with a down payment. With this in mind, we’ve put together some of the most frequently asked questions we get about down payments in today’s market.

Q. Are there any no-down payment programs left?

Yes. While it’s true that most of the popular no-down payment programs disappeared in the wake of the subprime mortgage collapse, there are still two longstanding government-backed programs that offer mortgages with no down payment: the USDA Rural Development Program and the VA Loan Program.

A USDA Guaranteed Loan is a government-insured, 100% purchase loan. This means there is no down payment required if you – and the house you intend to buy – qualify for the program. Not all areas qualify, but you’d be surprised at how many neighborhoods in your area do. There are income and other limitations, but if coming up with a down payment is challenging, you might want to consider this program.

If you or your spouse is a military veteran, you may qualify for a 100% financed loan from the US Department of Veterans Affairs. More than 29 million veterans and service personnel qualify for this service benefit. Give us a call to find out if you’re one of them.

Q. Are there any other government-insured programs that can help someone struggling with a down payment?

Yes. In 1965, the federal government created the FHA loan programs to encourage homeownership throughout the country. FHA-insured mortgages offer many benefits, including a minimum down payment of 3.5%. FHA-insured loans have grown in popularity recently due to the seller’s ability to pay closing costs up to 6% and a temporary increase in loan limits up to $729,750 in certain high-cost areas, which allows more potential buyers to utilize this program.

Q. May I use a gift from family members as part of my down payment?

Yes. In many cases, immediate family can provide monetary gifts to be used as a down payment. There are restrictions of course, and strict documentation will be required, but we will gladly walk you through the finer details of this process. Be sure to mention this option when you’re filling out an application with us.

Q. May I use funds from my IRA for my down payment?

Yes. First-time home buyers can use funds from an IRA under certain circumstances for a down payment. The rules regarding this option, however, can be complicated, especially with a Roth IRA, and it’s important to understand any and all tax implications before tapping into these accounts. Please talk to your tax professional before making any decisions. If you don’t have one, we’ll gladly refer you to one we work with on a regular basis.

Q. May I use the $8,000 tax credit as my down payment?

No. At the time of the writing of this article, qualified first-time home buyers do not have direct access to the $8,000 credit to use as a down payment. In May, HUD officials made an announcement to the contrary, but statements backing the announcement were quickly withdrawn from the HUD website. This doesn’t mean that HUD and lawmakers will not allow this in the future. We’re following this issue closely and will let you know if anything changes. Just keep reading our newsletters and other materials we send to you or give us a call and we’ll let you know if any progress has been made.

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Wish Everyone a HAPPY MEMORIAL DAY!!!!!

Carmelo — Fri, 22 May 2009 21:22:28 +0000

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Homesellers Must Read

Carmelo — Wed, 20 May 2009 19:30:10 +0000

RISMEDIA, announced the results of an extensive nationwide survey on home prices based on the responses of over 1,150 Realtors.

The survey shows that 36% of homeowners think their homes should be listed 10 to 20% higher than what their Realtors’ recommend, down from 45% in the first quarter.

Conversely, 64% of homebuyers think that homes are overpriced versus 59% who believed the same in the first quarter.

“Realtors are in a unique position as they get to hear both sides of the home price story – the buyers’ and the sellers’. They then apply their own home valuation analysis based on their understanding of the market which often meets resistance from buyers and sellers,” said Louis Cammarosano, General Manager of HomeGain. “The results of our second quarter Realtor home prices survey indicates that home sellers seem to be getting the message that perhaps their homes are not worth as much as they thought they were, while buyers are expecting to find a bargain on every corner.”

The Realtors surveyed expressed more optimism in the second quarter survey on the direction of home prices than in the first quarter, with 22% of them believing that home values will increase in the next six months versus 11% who believed the same in the first quarter. Twenty-nine percent of survey respondents believe that home prices will fall in the next six months versus 53% who believed the same in the first quarter survey.

“There is major improvement in the number of homes selling,” stated Heather Lawson, Broker Century 21 Watson Real Estate in Genoa, IL. Gillian Goldrich of Coldwell Banker Residential Brokerage in Woodbridge, CT, agreed with Lawson, stating, “Markets are definitely picking up. It seems that buyers are getting off the fence and taking advantage of tremendous buys.”

Fifty-seven percent of Realtors surveyed indicated their approval of Obama’s performance as President. These results mirrored the nationwide results of the Rasmussen Daily Presidential Approval Index. Fifty-five percent of survey respondents believe that the Obama stimulus plan will have or has had no impact on home values versus 45% who believed the same in the first quarter survey.

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